My fundamentals and technical analysis suggest the Silver is on an uptrend channel. Gold-Silver-Ratio indicates a strong dislocation in the precious metal market. Silver bounced back from 11.6 to 16.11 (at the 0.618 Fibonacci retracement line). Using a Pitchfork, I drew the upward trend crossing through the middle of multiples tops and lows since the 18 March (the...
similar to gold, in my opinion silver is shortly bevor a historical turnaround, signed with a blue tradingbox in the chart above, which can be used to place longorders. Now we should prepare for it. Why should we believe in that? Because of the sentiment, which is worse than at the end of 2015 as silver built a superordinate bottom (corrective wave 2 form...
Red triangle held in both directions - first a false break high and then a major bull capitulation which was held at the bottom. The price is now back at the monthly pivot and within the blue parallel channels (coiled area) on my chart. Am initially looking for a move to the top of the blue parallels and then subject to it breaking the top of the red triangle and beyond.
Very narrow range getting increasingly narrow. Extreme move coming.
I'm looking at GOLD and Dollar for the clues & probably FOMC is the catalyst but Silver might be the trade to play rather than the other two.
We have seen a recent bullish move on silver breaking a downward trendline, and if you scale back to a weekly view there is plenty of scope in the RSI to keep this move going.
HOWEVER we also have a band of resistance at $18 which has been prior privot support and resistance areas. The price is unwilling to move above this level just yet and despite the bullish...
It is always worth a look at the gold-silver ratio. Currently, gold is 76 times more expensive than silver (per ounce). In the past, it has been shown that the area above 78 is an extreme area and can be used for trades. In this case, you would sell gold and buy silver.
Retaken the rising trendline which was recently lost. Not yet consolidated above it, but there looks strength here to push back towards the $17 region where I think we will see some resistance from that Fib line.